The Board of Directors and all directors of the company guarantee that there are no false records, misleading statements, or major omissions in the content of this announcement, and they are jointly and severally liable for the authenticity, accuracy, and completeness of its contents.

On May 14, 2024, Geo-Jade Co., Ltd. (hereinafter referred to as the "Company") disclosed the “Announcement on Winning the Development Rights for Iraq Oil and Gas Blocks.” The company participated in the fifth (+) and sixth rounds of oil and gas block bidding organized by Iraq’s Ministry of Oil and successfully won the bid for exploration, development, and production contracts for the Zurbatiya and Jabel Sanam blocks.

On October 27, 2024, in the presence of Deputy Prime Minister and Oil Minister, the exploration, development, and production contracts for the Zurbatiya and Jabel Sanam blocks were formally signed. The Zurbatiya block contract is an EDPC (Exploration + Development) contract with a maximum term of 34 years, a bid remuneration rate of 7.65%, located in Baghdad and Wasit provinces in central Iraq, covering an area of 519.06 square kilometers, and is close to the company’s existing Naft Khana block. Research has identified multiple favorable structures within the awarded block, and internal estimates suggest that the original geological resources in this block exceed 2.315 billion barrels (P50), indicating significant potential.

The Jabel Sanam block contract is also an EDPC contract with a maximum term of 34 years, offering a bid remuneration rate of 30.9%, the highest remuneration rate among all awarded blocks in this round. Located in Muthanna province in southern Iraq, the Jabel Sanam block covers an area of 235 square kilometers. Oil and gas fields have been discovered in the neighboring blocks to the east, west, and north, confirming significant exploration potential, and two relatively confirmed traps are present within this block. Internal estimates indicate that the original geological resources in this block exceed 245 million barrels (P50), demonstrating clear potential.

As of now, the company holds exploration and development production rights for a total of four blocks, including the previously signed Naft Khana and Huwaiza blocks. The total original geological resources exceed 8 billion barrels (P50). (Among them, the Naft Khana block holds more than 4 billion barrels (P50) with a bid remuneration rate of 14.67%, and Huwaiza holds more than 1.5 billion barrels (P50) with a bid remuneration rate of 7.15%).

The company will fully leverage its technical and management advantages, comprehensively integrate the resources of the four projects, gradually create synergy, and achieve efficient development and utilization of Iraq’s oil and gas blocks, injecting robust momentum into the company’s high-quality and sustainable development.

The company will fulfill its information disclosure obligations promptly based on the project's subsequent progress. Investors are advised to be aware of investment risks.

Geo-Jade Co., Ltd. Board of Directors

October 28, 2024